WHEDA REFI ADVANTAGE
The WHEDA Refi Advantage is an exclusive mortgage refinance product designed specifically to make home ownership more affordable for borrowers who currently have a WHEDA loan. The Refi Advantage will allow eligible homeowners to refinance their mortgage with as little as 3% equity in their home.
As with most refinance programs on the market, the Refi Advantage will only be accessible to homeowners who are current with mortgage payments, have a good standing mortgage payment history and have a strong overall credit profile. Other eligibility criteria will apply at the time an application is submitted to WHEDA from a participating lender.
FEATURES AND BENEFITS
- Qualify with as little as 3% equity
- Closing costs can be added into the mortgage
- Access the Easy Close Advantage down payment assistance loan up to a 105% combined loan-to-value
- Private mortgage insurance may be required on HFA Preferred loans greater than 80% LTV
- All WHEDA Refi Advantage loans are serviced by WHEDA’s top rate servicing team
- Property is a condominium
- Property is a manufactured home
- Credit score less than 660
- Bankruptcy or foreclosure during current loan term
- Property is currently listed "For Sale"
- Payment of real estate taxes more than 60 days delinquent
- Current loan was modified within the last 24 months